📈 Bullish builders

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Good morning! Would you trust your life with aging construction materials? A new report released after this month’s deadly submarine tragedy says OceanGate built its vessel using discounted carbon fibre from Boeing that was too old to be used for airplanes.

⏰ Today's reading time is 5 minutes.

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 10:15 PM ET June 26th, 2023.

Markets: Job postings are dipping across Canada. According to Avison Young, new job postings across major markets are down 33% in May 2023 versus the peak in April 2022. The firm noted that although job postings are still well above monthly averages, and employment remains tight, recent data from Statistics Canada is also pointing to a cooling labour market as 17,000 jobs were lost in May, the first net job loss in nine months.

THE BIG STORY

Builders expect a rosy year of construction

Canadian builders believe the industry’s future is bright, says a nationwide survey by Procore Technologies. The survey included responses from 500+ construction industry stakeholders in Canada, including owners, general contractors and subcontractors.

Key Findings:

• 9 out of 10 of respondents expressed confidence about industry conditions over the next 12 months.

• 43% of those who work in the residential sector expect to build more housing units in 2023 compared to 2022.

• 8 in 10 are confident they will have enough people to meet their organizational needs (79%) and the necessary skills to meet demand (80%) over the next 12 months.

Challenges remain:

• 29% report they have been unable to take on more projects in the past three to six months due to labour shortages.

• 27% agree there is too much competition in construction for talent.

• Almost half of all projects go over budget (50%) and over schedule (49%) according to respondents.

Get a full breakdown of the entire report here.

NEED TO KNOW

The week's headlines

🚘 After years of delays and plan changes, B.C. has issued an RFQ to replace the 64-year-old George Massey Tunnel. The $4.15 billion project will replace the aging infrastructure with a new eight-lane, toll-free immersed tube tunnel.

🎒 Nova Scotia plans to spend nearly $1 billion building schools over the next five years. The province revealed that priorities for its $948-million plan include replacing four schools and building four new schools in the Halifax area to address increasing enrollment.

🥽 The BC Roadbuilders and Heavy Construction Association is embarking on a recruitment drive that will use virtual reality and simulation technology to help people all over the province test out road building and road maintenance careers.

🏠 Construction cost escalation is slowing, but uncertainty looms, says a new report from international property and construction consultancy firm Rider Levett Bucknall. The firm looked at 14 key North American markets, including Toronto and Calgary.

🏒 Builders in Calgary are relieved an agreement in principle has been reached to build a new event centre. A previous deal to build the centre fell through earlier this year due to risking and cost disputes. The Calgary Construction Association says the project will create long-term construction jobs and likely generate other commercial development in the city’s culture and entertainment district.

TOP 40 UNDER 40 IN CANADIAN CONSTRUCTION

Nominations are now open

The search for construction’s best and brightest young leaders is on.

SitePartners and On-Site Magazine have officially announced that the the Top 40 Under 40 in Canadian Construction awards are back to honour young leaders driving innovation in the industry. Winners will be chosen by a panel of judges based on their professional achievements, innovative approaches, leadership qualities, and involvement in the community. Nominations are due by July 28th, 2023. Click the button below to nominate yourself or someone you know.

PROJECT SPOTLIGHT

‘The One’ sets its sights high above Toronto

Going the distance: With a name like The One, you can bet this tower will be epic. Mizrahi Developments aims to make this Toronto project Canada’s first supertall building. Plans have changed several times, but officials say the tower will be 91 storeys tall. The building is being designed by Foster + Partners in collaboration with Core Architects. Once complete it would be one of the tallest buildings in Canada.

PROJECT UPDATES

Chard begins work on 600-unit rental project The Cascades

EDGAR proposes car-free community for New Westminster

Diamond Schmitt and MVRDV will design University of Toronto building

Wesgroup enters final phase of River District development

Crews have broken ground on the Guelph Central Library project

PEOPLE MOVES

This month’s People Moves featured 20+ industry professionals who won awards, received promotions, embarked on new career paths or celebrated retirement. Some of the companies featured include Northcrest Developments, EllisDon, Scott Builders, Beedie, Houle Electric, Aecon, Ram Consulting and more. 

WHAT WE’RE TALKING ABOUT

LIST: 🏗️ 16 Indigenous companies helping build Canada

READ: 👷 Kelowna builder trials four-day work week

PHOTOS: 🛝 Behold! the perfect playground design

READ: 🖥️ Startup uses AI to create building designs in minutes

VIDEO: 🪶 Canadian ironworker shares traditional Sioux dance with project team

HOT JOBS

🔥 Check out the best roles up for grabs in construction right now:

Senior Project Manager - Calgary, Alta. - Equinox Engineering

Chief Estimator - Toronto, Ont. - KAPP Infrastructure

Vice President Project Finance - Remote - Teralta

Project (Studies) Manager - Toronto, Ont. - Ausenco

Project Manager, Engineering - Vancouver, B.C. - HDR

Manager, Preconstruction - Edmonton, Alta. - Bird Construction

Senior Project Manager, Water Services - Toronto Ont. - CDM Smith

Senior Project Manager, Major Capital Projects - Surrey, B.C. - City of Surrey

Senior Project Manager, Industrial - Mississauga, Ont. - Bird Construction

Project Manager, Land Development - Waterloo, Ont. - GHD

Check out all roles at SiteNews Jobs or put your job post in front of tens of thousands of construction professionals here. . Hurry up before our free trial ends!

Struggling to fill a role? send us an email at [email protected] to connect with one of our specialized recruitment experts.

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Here’s to a great rest of the week!